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Disney Leads Blue-Chip Rise;
Takeover Talks Boost Mellon

By

Robert O'Brien Dow Jones Newswires

Updated Jan. 28, 1998 12:08 a.m. ET

NEW YORK -- Stocks rose sharply, as some blue-chip companies posted impressive fourth-quarter results and gave investors reason to question -- at least for a day -- the pessimism that has emerged about the corporate-profit outlook for 1998.

Walt Disney surged 5 3/8 to 102 3/4 , and posted a 52-week high during the session, after the entertainment giant posted stronger-than-expected fiscal first-quarter results.